When you consider that taking a loan to buy your home will probably be one of the biggest financial transactions you ever complete, it becomes very important that you manage to negotiate the best interest rate possible.

With the help of someone like True North Mortgage, who offer to get you a better rate, even when it is from your own bank, you should be able to keep your monthly payments as low as possible.

Reduce your financial stress

When you are trying to find the best possible mortgage deal by yourself it can soon become quite stressful, as you try to weigh up the various terms and incentives attached to each deal that you have viewed.

If you want to reduce your financial stress levels and ensure that you have the best possible chance of ending up with the right deal that keeps you on budget, an expert mortgage broker can guide you through the process and could save you a lot of time as well as money.

The point to remember is that when you go in search of a mortgage deal, this is something you will do very infrequently, meaning that the search could become quite stressful and not only a drain on your time and resources, but it could cost you money too.

This is why it pays to use a mortgage broker, who negotiates and brokers deals with lenders every single day of the working week.

Don’t be completely swayed by the headline rate

Most of us have to keep our finances within a certain monthly budget, which is why it seems logical to simply select the mortgage product that comes in at the lowest monthly payment figure.

The mortgage deal with the lowest initial rate may not actually turn out to be the best deal for you in the long run, so you should be prepared to take some guidance from your broker and look beyond the headline rate.

There is no question that the mortgage rate plays a pivotal role in determining the affordability of your loan, but if you don’t consider other factors attached to the offer, it could end up costing you more money that you thought in the longer term.

For example, if you decide to take a 5-year fixed rate deal, the good news is that you can budget accordingly and know exactly what your monthly payments are going to be for that period.

If rates move downward in that time or you have to break your mortgage deal for another one for whatever reason, this could end up costing you way more than the savings you thought you could make by fixing the rate for so long.

Arrange to discuss your long term goals and prospects with your broker, so that they can find a deal that fits your requirements and doesn’t leave you tied to a deal that turns out be more expensive than it first appeared.

Using a good mortgage broker is certainly a smart strategy for unlocking the best possible mortgage deals around and should end up allowing you to keep your stress levels down and stay on budget.

Elliot Alexander is a personal finance consultant. When not at work he enjoys taking some time each month to write personal finance topics which are shared with a wide online audience.